Azerbaijan, Baku, Feb. 22 / Trend E.Ismayilov /
The State Oil Company of Azerbaijan Republic (SOCAR) will continue to conduct three-dimensional (3D) geophysical studies of the Bahar-2 perspective offshore structure located in the Azerbaijani sector of the Caspian Sea in March-April, a source in SOCAR said today.
"Current weather conditions do not allow conducting research work," the source said. "But, three-dimensional studies will begin most likely in March-April."
The source said that 3D studies on the structure are necessary to determine the geological structure.
Earlier, SOCAR signed a PSA contract with Bahar Energy Limited for the exploration, rehabilitation and development of the Bahar and Gum Deniz offshore fields in the Azerbaijan sector of the Caspian Sea. Under the second part of the contract, which involves the exploration of the Bahar-2 structure, plans include drilling one exploration well in three years and another in the fourth year. According to preliminary calculations, Bahar Energy Limited's investment volume for 25 years will amount to $1 billion.
Bahar has operated since 1969 and is located 40 kilometers southeast of Baku. So far, the field has produced over 16.8 million tons of oil and approximately 128.7 billion cubic meters of gas.
During the next five years, experts predict a decline in gas production at Bahar of 15 percent and in condensate production of 10 percent.
SOCAR studies the promising offshore structures, particularly the Bahar-2 structure to increase gas production in the country.
SOCAR is engaged in gas production in Azerbaijan. The company produces fuel at the fields by its own expense. The bulk part of the produced gas is directed to meet the demand in the domestic market of Azerbaijan and some is exported to Georgia.
Under the technical operation of BP, the company produces gas from the Shah Deniz field, with the participation of foreign partners. Gas is supplied to the Azerbaijani market, as well as exported to Georgia and Turkey via the South Caucasus gas pipeline. Azerbaijan also receives the associated gas produced by the Azerbaijan International Operating Company from the Azeri-Chirag-Guneshli field.
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